The Saraswat Co-operative Banking Society was established on 14th November 1918 by Mr. J.K. Parulkar who was its first chairman, Mr. N.B. Thakur, the first Vice-Chairman, Mr. P.N. Warde, the first Secretary and Mr. Shivram Gopal Rajadhyaksha, the first Treasurer. These people were known for their faith, vision, ideals and entrepreneurial skills.
The bank was set up mainly to help poor people. Bank provided temporary accommodation to its members in time of need such as weddings of dependent members of the family, repayment of debt and expenses of medical treatment etc. Later in 1933 the society was converted into a full-fledged Urban Co-operative Bank.
Bank provides deposit facilities for domestic and NRI people, loan facilities, investment and insurance services, demat service, loans for small and medium enterprises, etc. The Bank is the first co-operative bank to provide Merchant Banking services. In 1978 bank was given license for foreign exchange transactions. At present the Bank is having correspondent relationship in 45 countries covering 9 currencies with over 125 banks.

Bank has a network of 200 branches and all are fully computerized covering states viz. Maharashtra, Gujrat, Madhya Pradesh, Karnataka, Goa and Delhi. Bank also offers 24-hour banking service through ATM. It has ATM at 84 locations.